All you have to do is send a LETTER informing the BMA that you are planning on taking a 5 percent position in the Company.
Bermuda Monetary Authority
INSURANCE COMPANIES General permission is granted for:
The issue and transfer of equity securities of an insurance company from/to non-residents listed on an appointed stock exchange, while such equity securities are so listed. The issue and transfer of subsequent securities that are NOT equity securities of an insurance company from/to non-residents. Permission conditional upon subsequent notification to the Authority.
The issue and transfer of an equity security which is to be transferred to a nominee/registered holder of an equity security where there is no change in beneficial ownership. Permission conditional upon subsequent notification to the Authority.
Equity securities to be issued or transferred to or among any persons who hold equity securities of the company; to the extent that the existing holder of the equity securities owns less than 5% of the equity securities and continues to own LESS THAN 5% of the equity shares AFTER the issue/transfer. Permission conditional upon subsequent notification to the Authority.
The transfer of equity securities by an existing holder who owns between 5% and 20% of the same equity securities and continues to own not more than 20% of the equity securities AFTER the issue/transfer. Permission conditional upon subsequent notification to the Authority.
NOTE:- Anyone seeking to acquire 5% or more of the equity securities of a company must seek the prior approval of the BMA. Thereafter up to 20% of the equity securities may be issued or transferred to that holder without the prior approval of the BMA – permission conditional upon subsequent notification to the Authority.
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